Daily Market Wrap: January 9, 2012Wednesday, January 9, 4:46 PM ET

A positive start to earnings season helped the markets make a modest recovery after a two day losing streak.

On the economic front, the Mortgage Bankers Association is reporting an 11.7 percent increase in weekly mortgage applications last week, despite a jump in interest rates.

Wine company Constellation Brands (NYSE:STZ) beat earnings expectations and upped its forecast for the fiscal year.

Morgan Stanley (NYSE:MS) announced plans to layoff 1,600 employees in its investment banking unit and the company will reportedly emphasize more senior workers. Last year, the bank slashed about 6 percent of its workforce.

Tomorrow, we'll take a look at the numbers for weekly jobless claims as well as earnings from Ruby Tuesday (NYSE:RT).

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